Overall unemployment rate moved down to 5.4% with the biggest shift in Government, which lost 2,600 roles, based on the most recently available information published in August 2022.
Total employment in the Memphis, TN-MS-AR market rose by 1,889 jobs in July and the unemployment rate decreased compared to the prior month by 10 bps to 5.4%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- Memphis, TN-MS-AR unemployment rate is 162 bps above the national rate which is a negative sign.
- Unemployment in the market is 170 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 6.3% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.2% . Key sectors include:
- Transportation & Utilities: 189,700; +800
- Business Services: 98,300; -700
- Education & Healthcare: 94,500; +1,300
- Government: 80,300; -2,600
- Restaurants & Hotels: 69,900; +2,300
- Manufacturing: 44,000; -200
- Financial Services: 29,300; +500
- Other Jobs: 28,000; +200
- Construction, Mining: 26,300; -400
- IT & Development: 5,400; no change
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.